Some of the excerpts from the rest of this interview suggest to me that the buy-and-hold philosophy of long-term investing is not just obsolete, it’s a sucker bet that makes the Madoff Ponzi scheme look tiny in comparison… does anybody else wonder if stock market investing is an archetype for Ponzi/Bubble dynamics that leaves the 401K investor without a chair whenever the music stops?

If that’s the case (and investors seem to be voting with their feet by delevering assets out of securities, this week’s rally notwithstanding) then it’s not just a lack of trust and confidence in capital protection and growth, it’s a matter of getting out before the market crashes further as assets continue to limp along… potentially for years to come.